A dual-main-phase magnet with excellent thermal stability was prepared by co-mixing two types of magnetic powders, which was the conventional N55-grade powder without Dy elements, while the Co and Dy contents reached 50 wt% and 6 wt% respectively in another Co-rich powder. Studies showed that the magnetic properties along with the thermal stabilities of the magnets exhibited significant differences with the changes in the mixing ratio of the two powders. Especially, when mixing the two powders in equal proportions, a great remanence temperature coefficient of −0.0725 %/°C at 20–100 °C was obtained with a rather high Curie temperature of 581 °C, possessing its magnetic properties with Br = 12.58 kGs, Hcj = 15.9 kOe, and (BH)max = 36.88 MGOe. Note that as the proportion of Co-rich powder increased to 2/3, although the Curie temperature of the prepared magnets further increased to 622 °C, both the remanence temperature coefficient and the magnetic properties deteriorated significantly. The phase composition and microstructure analyses revealed that when the proportion of added Co-rich component exceeded 1/2, the RE(Fe,Co)2B phase transformed into the RE(Fe,Co)4B phase, and a significant amount of RE(Fe,Co)1.8B0.2 phase precipitated at the grain boundaries, leading to a deterioration in magnetic performance. In addition, dynamic domain evolution analyses under variable temperature conditions demonstrated the positive effect of the appropriate introduction of Co/Dy on the anti-demagnetization in high temperatures. This work provides insights and an experimental foundation for the development of high-performance magnets with high thermal stability, used in high-temperature environments.
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